Business Strategy Review

  1. What is Strategy?
    It is about how to coordinate the elements of a business (they want to create a sustainable advantage)
  2. What is Deliberate Strategy?
  3. What is an emergent strategy?
  4. What is a realized strategy?
    Plans that are implemented
  5. What is an unrealized strategy?
    Plans that are not implemented
  6. What are the two parts of the strategy making Process?
    Formulation and implementation
  7. What is the formulation part of the strategy making process?
    Its the history, mission, vision, internal/external analysis, functional level and corporate level strategies
  8. What is the implementation part of the strategy making process?
    Governance&ethics, organizational culture, structure and control systems, and global strategy
  9. What are the three planning techniques?
    Devils Advocate, Dialectic Inquiry, and outside view
  10. What is devils advocate?
    Good vs. bad
  11. What is Dialectic Inquiry?
    Good vs. alternate good
  12. What is Outside view?
    Experience (looks at the past and looks at what did and didnt work)
  13. What are the pitfslls in planning?
    Prior hypothesis bias, esculating commitment, Reasoning by analogy, representativeness, illusion of control and availability error
  14. What is an industry?
    A group of Companies that offer products/services that are close substitutes for each other (ebay and amazon)
  15. What is a sector?
    A group of closely related industries
  16. What are the definitions of opportunities and threats?
    Opportunities: are possible advantages that and industry can use that is outside the company and they have no control over.  Threats: Possible disadvantages that can hurt the industry thats outside the company and they have no control over.
  17. What are the different parts of opportunities and threats?
    Social, macroeconomics, technological, legal, demographics, and global
  18. What are the Porters five forces?
    Threat of New entrants, Bargaining Power of Suppliers, Bargaining Power of Buyers, Threat of Substitutes, and Overall rivalry
  19. Name two of the threat of new entrants.
    • 1)economies of scale(cost phenominon)
    • 2) Brand Loyalty
    • 3)Absolute Cost Advantage
    • 4)Customer Switching Costs
    • 5)Government Regulations
  20. Name two parts of the Bargaining power of suppliers.
    • 1)Relative Size
    • 2)Substitutability
    • 3)Switching Costs
    • 4)Dependency
    • 5)Self-sufficiency
  21. Name two parts of the Bargaining Power of Buyers.
    1)Relative Size2)Substitutability3)Switching Costs4)Dependency5)Self-sufficiency
  22. Name two of the threats of Substitutes
    1)Needs vs. wants 2)form vs. function 3)technological substitutes
  23. Name two parts of the Intesity of Rivalry?
    1)Sum of four other forces 2)Industry structure and tone 3)Overall industry demand 4)Fixed cost/exit barriers 5)differentiation vs. commodities
  24. What does the internal analysis consist of?
    Competitive advantage, strengths and weaknesses, Value chain, and distinctive competencies
  25. What is competitive advantage?
    Its what a company does uniquely.
  26. What would be an example of competitive advantage?
    having unique flavors for coffee
  27. What are strengths and weaknesses?
    the good and bad of a company
  28. What are the four parts of the value chain?
    Research and development (R&D), Production, Marketing and Sales, and customer service
  29. What are distinctive competencies?
    Unique resources and skills
Card Set
Business Strategy Review
Review for Bus. Strategy midterm